News Desk
The Maldives Monetary Authority has granted a full banking licence and operational approval to Maldives Premier Bank Pvt Ltd, clearing the way for the country’s newest commercial bank to begin operations.
The MMA handed over the governing document to Aisha Noorain Janah, Chairperson of Maldives Premier Bank. The authority said the bank had fulfilled all requirements set out when the MMA issued the licence to establish a Tier 1 bank on 19 May last year.
Maldives Premier Bank received its preliminary licence from the MMA on 27 May 2025, as reported by eTruth, and has now fulfilled all pre-operational requirements to receive full banking authorisation.
“The granting of the licence to Maldives Premier Bank Pvt Ltd is an important step forward in the authority’s efforts to further strengthen the financial sector, increase competition in the banking industry and provide easy access to financial services to the people,” the MMA said.
Noorain Janah is not a new face in the Maldives corporate landscape. The eldest daughter of Mohamed Ali Janah, principal advisor to the President on trade and investment, she is a chartered accountant with over a decade of management experience and serves as vice chair of the Janah family’s Hotels and Resorts Investment Group. She previously served as chairperson of the Maldives Marketing and Public Relations Corporation, a position she took up on 27 December 2023 under President Dr Mohamed Muizzu’s administration, before resigning in May 2024 citing irreconcilable differences among board members. She was subsequently appointed chairperson of Maldives Airports Company Limited in May 2025, becoming the first woman to lead MACL.
Her appointment to lead Maldives Premier Bank adds another significant role to a portfolio that now spans aviation, tourism promotion and banking. eTruth covered her MACL appointment here.
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The Maldives banking sector has been expanding. The MMA has in recent years granted licences to the Development Bank of Maldives and cleared pre-operational permits for several other institutions. The addition of Maldives Premier Bank brings more competition to a sector long dominated by a small number of players, with Bank of Maldives holding the dominant position in retail banking.
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